24Q3 Y/Y earnings are expected to be 4.9%. Excluding the energy sector, the Y/Y earnings estimate is 7.3%.

Turkey’s current account recorded a large surplus in August, while the 12-month rolling deficit plunged to its lowest since the end of 2021. We think the external outlook will likely remain benign in the near term.

The smaller spread extends a downside trend in recent months following a period of an extremely high market premium vs. the fair value, which is drawn from the average of three models.

U.K. stocks were little changed on Friday as official data showed the U.K. economy returned to growth in August, but the pace of expansion was weaker than in the first half of the year.

The Dow Jones Industrial Average is surging into the weekend, up over 300 points at last check, earlier touching a fresh all-time high.